- Strategy's negative GAAP earnings, driven by unrealized Bitcoin losses, prevent inclusion in the S&P 500 despite the company meeting market-capitalization and trading-volume criteria.
- The exclusion removes potential automatic buying from passive S&P 500 funds and keeps index inclusion dependent on accounting changes, higher Bitcoin prices, or a sustained return to positive earnings.
- Strategy reported a Q4 2025 loss of $42.93 per diluted share and raised approximately $25.3 billion during FY2025 to expand its Bitcoin treasury strategy.
Quotes
“We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy, making us the largest equity issuer among U.S. public companies for a second consecutive year.”